Easing Homebuyer's Financial Strain
Our Fixed Land Lease Model is a novel, hybrid method of homeownership: Buyers purchase the home, but not the land underneath. This allows for substantial upfront savings which are magnified over time. Buyers are offered peace of mind through a fixed monthly lot rent set in a 99-year assumable land lease. The monthly rent is affordable and will never increase while the original purchaser owns the home. Additionally if you choose to sell one day, there are no restrictions on the sale of the home.
Choose from a beautiful new 1–3 bedroom home— starting at just $199K.
Sign your 99-year land lease with monthly payments fixed for as long as you own the home —between $499 and $749.
There are no other fees. Period. That single monthly payment covers it all: unlimited golf, resort-style pools, pickleball, fitness center and more. That means No HOA Fees, No special assessments, No surprises.
Most Buyers will save $1,000-$1,500 in monthly expenses when compared to homeownership in conventional 55+ communities. Click through the chart below for a detailed breakdown.
Select your favorite home below and compare the savings at Spanish Lakes vs. Conventional 55+ Communities.
Home Purchase Costs | Spanish Lakes | Conventional 55+ Communities | |||||
|---|---|---|---|---|---|---|---|
Monthly Principal & Interest | $1,390.37 | $2,294.06 | |||||
Purchase Price of the Structure | $289,000 | $289,000 | |||||
Purchase Price of the Land | + $0.00 | + $100,000 | |||||
Total Purchase Price | = $289,000 | = $389,000 | |||||
Down Payment | – $30,000 | – $38,900 | |||||
Total Financed | $259,000 | $350,100 | |||||
Closing Costs (3%) | + $0.00 | + $10,503 | |||||
Interest Rate | 5.00% | 6.85% | |||||
Total Out of Pocket | $30,000 | $49,403 | |||||
Monthly Costs | Spanish Lakes | Conventional 55+ Communities | |||||
|---|---|---|---|---|---|---|---|
Monthly Payment | $2,373.91 | $3,627.27 | |||||
Principal & Interest | $1390.37 | $2,294.06 | |||||
Private Mortgage Insurance | + $0.00 | $145.88 | |||||
Property Taxes (Month) | $278.54 | $426.35 | |||||
Homeowner’s Insurance: | $156.00 | $266.00 | |||||
Lot Rent: | $549.00 | $0.00 | |||||
Amenities: | $0.00 | Variable | |||||
Basic Lawn Care: | $0.00 | $35.00 | |||||
Solid Waste: | 0.00 | $37.00 | |||||
HOA Fee | $0.00 | $250.00 | |||||
Master Community HOA: | $0.00 | $100.00 | |||||
CDD: | $0.00 | $72.98 | |||||
- Homeowner’s Insurance: We averaged premiums for 15 homes in Spanish Lakes with $300K coverage and compared them to quotes from reputable local brokers for similar homes in Port St. Lucie to ensure a fair comparison. Our homes qualify for many wind mitigation credits which help lower premiums.
- Lot Rent vs. HOA Fees: Spanish Lakes’ fixed monthly lot rent includes the lot, amenities, lawn care, and waste collection. In contrast, HOA fees in conventional 55+ communities:
- Often vary by community
- May include additional Master Association fees
- Typically increase 3–5% annually
- Can involve special assessments for repairs or upgrades
- Sometimes include services (like cable) not covered by our lot rent—these were adjusted for fairness in our comparison.
- No CDD Fees: Spanish Lakes has no Community Development District (CDD) fees, which are added to annual property taxes in many other communities and can last 20–30 years or longer. Unfortunately, home buyers are often unaware of these fees until after they buy the home and receive their first property tax bill.
Insurance, Lot Rent, and Fees
- Purchase Price & Financing: At Spanish Lakes, you only finance the home—not the land—reducing your financial liability.
- Financing Terms: Spanish Lakes offers 5% interest for 30 years with zero closing costs, significantly lower than the national average. Compared to a 6-8% conventional loan, buyers save over $25,000 in upfront and interest costs.
- Monthly Payments: Competitor loans often result in $1,000+ higher monthly payments, making Spanish Lakes more affordable and accessible for many buyers.
- No PMI: Unlike conventional loans requiring Private Mortgage Insurance (PMI) for down payments under 20%, Spanish Lakes financing does not require PMI, saving 0.5%–1.5% of the loan amount annually.
- Property Taxes: The highest recent tax bill in the community was $3,480.22 (keep in mind that the majority of our residents qualify for exemptions which significantly lowers this number). Compared to similar homes in Port St. Lucie, Spanish Lakes Homes provide a lower average tax burden. This is largely a result of favorable assessed values due to the land lease model.
Buyers have the option of using our easy in-house financing for their home purchase. We currently offer financing at 5% interest on 10-, 20- and 30-year mortgages. We are proud to offer a rate well below the national average of 6.85% with no fuss and zero stress. Buyers pay No Closing Costs, No Private Mortgage Insurance, No Origination Fees, No Appraisal Fees, No Capital Contribution Fees, No Prepayment Penalties and more.
We also offer 1,2, and 3 year mortgages at 3% interest for buyers looking for a shorter term and extra savings. Please contact a sales associate for more information.